Bull-run halts as auto, metal stks dip; Sensex ends flat, Nifty holds 15100

The Nifty Auto, Metal, and Pharma indices settled over 1 per cent lower each

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Stock market updates: A sharp downtick in auto, pharma, metal, and PSU bank stocks dragged domestic indices from their record peaks to end marginally lower on Tuesday. Market breadth favoured bears today as 1,658 stocks declined on the BSE as against 1,303 stocks that rose. Around 193 remained unchanged at close.

The indices snapped a six-day winning streak with the S&P BSE Sensex closing at 51,329 levels, down 20 points or 0.04 per cent. Asian Paints, ONGC, Titan, L&T, UltraTech Cement, and Nestle India, up in the range of 1 per cent to 4 per cent, were the top gainers today while M&M, Sun Pharma, Bajaj Auto, and ITC, down up to 3 per cent, ended as top laggards. The index edged closer to the 52,000-mark today and hit a new peak of 51,836 on the BSE.

The broader Nifty50, on the other hand, managed to close above the 15,100-mark, at 15,109 levels, down 6.5 points or 0.04 per cent. The index hit an all-time-high of 15,257 during the day.

Broader markets too ended in the red with the S&P BSE MidCap index down 0.18 per cent at close while the S&P BSE SmallCap index closed 0.26 per cent down.

On the sectoral front, most of the indices were gripped in profit booking. The Nifty Auto, Metal, and Pharma indices settled over 1 per cent lower each, followed by lossed in the Nifty Realty Index (down 0.7 per cent) and the Nifty FMCG index (down 0.6 per cent).

Global markets

Global stocks rose for the seventh straight day to reach a record high on Tuesday, while bitcoin also reached a peak after an endorsement from Tesla Inc in the prior session had sent the cryptocurrency up 20 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan were up 0.3 per cent, led by Chinese blue chips, up 2.2 per cent. Meanwhile, the MSCI All-Country World Index edged up 0.1 per cent to its own record high.

In Europe, the STOXX 600 index fell 0.1 per cent while Germany's DAX index was down 0.2 per cent.

(With inputs from Reuters)

4:28 PM

MARKET CLOSING COMMENT :: Sumeet Bagadia, Executive Director, Choice Broking

Market halts the six session long winning streak

Market pared early gains in the last leg of trade and settled flat as profit booking was witnessed in metal, pharma and auto stocks. While losses in specific stocks like TCS, ITC and M&M also turned the bourses under pressure. Sectorially, all the indices ended in the red zone except Nifty bank, financial service and private bank; Nifty auto, media and pharma were the top sectoral index laggards in today’s session. On stock specific, SBI life, Asian Paint and HDFC life were the top gainers while JSW steel, Tata motors and M&M remained as the top laggards. Going ahead investors will continue to monitor key corporate results, signs of economic recovery and global cues.

Technical

The Nifty index opened positively and set a new record high at 15257.10 levels but profit booking during the closing hours led to an intraday low at 15064.30 and closed at 15110.60. BankNifty index closed at 36056.50 with marginal gain. On the sectoral front, Nifty Auto, FMCG, IT & Metal witnessed some correction which kept the benchmark index into negative territory. Technically, the benchmark index has formed a bearish candle at the top of the trend on the daily chart, which shows a negative bias. At present, Nifty has strong resistance at 15260 levels while downside support comes at 14850 levels.

4:16 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

The Indian benchmark equity indices erased intraday gains post 1420 Hrs and ended with marginal losses on Feb 09, post a six day winning momentum. At close, the Nifty was down 6.50 points or 0.04% at 15,109.30.

Nifty 50 also fell 150 points from the highest point of the day and ended marginally in the negative for the day accompanied by a negative advance decline ratio. 15257, the high of Nifty will now be a crucial level on the upside. The global markets have come under minor profit taking on the seventh day of the rally. If this continues, we could see the Nifty correcting more towards 14913 and later 14753.

4:06 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research

The market witnessed extend the gain further after the decisive break from the Nifty 50 Index level of 15000. The market has already attained the projected level of 15230-15250. The level of 15230-15250 act as short-term resistance. The momentum indicators like RSI, MACD to show divergence, supporting our view that the market is likely to pause around this level

4:05 PM

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

Index has witnessed a profit booking in the last hour of the session and closed a day at 15110 with minimal loss. Going forward 15k will act as supreme support any dip near 15k mark will be again buying opportunity with keeping overall stop out levels below 15k and if index managed to hold above-said levels then again we may see some bounce in index towards 15255 odd levels which is immediate and strong hurdle on the higher side

4:02 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

Markets remained strong before giving away all its gains in Afternoon Trade due to profit-taking in Autos and select pivotals. The broader markets, however, witnessed the demand for FMCG stocks, Insurers, select NBFC's and Gas stocks

4:01 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

The market failed to hold onto its upward rally to close flat due to heavy selling towards the close, mirroring the weakness seen in the European market and outflows in equity mutual funds. Most of the sectors ended hitting rough weather with auto, pharma and media stocks being the worst affected. However, banking and finance stocks were in positive territory. US markets remained firm on hopes of the additional stimulus package and swifter economic recovery continued to maintain optimism

4:01 PM

MARKET CLOSING COMMENT :: Keshav Lahoti, associate equity analyst at Angel Broking

Indian shares opened on a positive note, tracking positive trends in global peers amid bets that U.S. President Joe Biden will be able to push through his massive stimulus. Market corrected in the last one trading hour to close flat for the day. Sectoral indices were mixed for the day. NMDC corrected by 0.9% after its Q3 consolidated net profit soared 53.4% year-on-year. Alembic Pharma slid 0.4%, a day after it received five observations from the U.S. FDA for its Gujarat facility. Future Group shares soared after the Delhi High Court quashed an order that halted Future Group's Rs. 24,713 crore deal to sell its assets to Reliance Industries. Market fundamentals and sentiments are strong to take the market to new highs. Continuous FII Inflow is very important for the rally in the market.

3:58 PM